24K & 22K Gold Price Today: Gold prices saw a steep decline on Monday, tumbling sharply in futures trade as global markets witnessed heavy selling amid rising inflation concerns and a stronger US dollar.

On the Multi Commodity Exchange (MCX), gold futures for April delivery plunged Rs 8,089, or 5.6 per cent, to Rs 1,36,403 per 10 grams. The sharp drop follows last week's decline, when gold had fallen Rs 13,974, or 8.82 per cent, to close near Rs 1.44 lakh per 10 grams.

Analysts noted that the metal opened with a significant gap down and may continue its downward trajectory. 'Gold resumed with a gap down on Monday and is likely to continue its downside momentum for the fourth consecutive week amid tensions in West Asia that have stoked inflation fears and rate hike bets in the near future,' said Aamir Makda, Commodity & Currency Analyst, Choice Broking.

'Gold fell below $4,400 per ounce as the ongoing Middle East conflict intensified inflation fears, while major economies face pressure to boost liquidity, including through gold sales, to offset the war's impact,' said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.

Over the past week, international gold prices dropped $486.8, or 9.6 per cent, settling at $4,574.9 per ounce. Trivedi added that gold has declined nearly 10 per cent as rising oil prices have heightened inflation concerns, leading markets to price in a prolonged pause or even potential rate hikes by major central banks.

Makda further said the US dollar index has remained firm above the 99 level, putting pressure on the rupee, which has weakened near the 94 mark against the dollar. Elevated crude oil prices and higher import costs are expected to widen India's trade deficit and add to domestic inflationary pressures, which could continue to weigh on gold prices in the near term.

Traders noted that Gold Rates in India crashed, with Gold prices in Delhi and other key metros reflecting the latest drop.

Gold Rates Across Major Cities In India On March 23

Gold Prices in Delhi Today (Per 1 Gram)

24 Karat - 14,107